Repurposing non-research facilities to house specialized life sciences and therapeutics labs is a growing trend sparked by real estate inventory and the fiscal practicality of renovation rather than new construction. The vacancy rate throughout the United States for lab space in the fourth quarter of 2022 was 6 percent versus 19.5 percent for office space, according to the Jones Lang LaSalle real estate transparency index. The vacancy rates for 2021 were less than 4 percent for labs and approximately 15 percent for offices.